DELOITTE has merged its real estate arm with property advisory firm Drivers Jonas to create a new business with revenues of £110m.
The deal marks a push by the consultancy titan to expand its property capabilities.
Around 650 Drivers Jonas partners will join a 50-strong team from Deloitte¹s corporate finance division. Drivers Jonas managing partner Nick Shepherd will become managing partner of the new venture, which will trade as Drivers Jonas Deloitte and sit as a unit within the Deloitte company.
John Connolly, chief executive of Deloitte, said: “The real estate advisory market was valued at around £2bn in 2009.
“We see a clear opportunity to combine the skills of our specialists in tax, corporate finance, business consulting and our real estate strategy team with the Drivers Jonas team.”
Drivers Jonas, which is currently working on a £42m project to renovate several Victorian hospitals in the midlands, was selected as a partner due to its similar ethos and rapid growth, a Deloitte spokesman said. Equity partners in the company, which is 285 years old, will now hold stakes in Deloitte.